The Big Apple and the nation's capital topped the Building Owners and Managers Association Internationals' report of the priciest commercial real estate markets in the U.S.
Real estate data from the firm, which is based on total rental income of commercial property owners in 2010, indicates New York City and Washington, D.C. ranked first and second in terms of costliest commercial markets based on square footage.
The cost per square foot for commercial buildings in New York in 2010 was $48.27, while the figure was $42.63 in the District of Columbia. Three California cities - San Mateo, Santa Monica and San Francisco - rounded out the top-five priciest commercial markets.
The least-priciest market during 2010, according to the report, was Shreveport, Louisiana, where one square foot of commercial property cost $10.47.
Though New York is the most costly in terms of commercial properties nationwide, other reports in 2011 have shown the city is still one of the most popular for commercial buying.
Unlike other cities that have suffered during the housing crisis, New York's commercial and residential markets have remained relatively unfazed in recent years.